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house to avoid the fiscal cliff. president obama and congress it will be thursday before talks resume to try and prevent automatic tax hikes and spending cuts from taking effect january first. andrew spencer has the latest. >> some republican lawmakers say old, once the country to fall off the physical cliff. >> we have gone over the cliff now, later, the fiscal cliff-you cannot negotiate with some of that does not want to negotiate. >> john boehner failed to get enough votes were planned beat that would raise taxes for people earning more than $1 million. the speaker, and the president left town without making a deal. >> i have passed leaders of congress to work together to create a deal to protect and employment for 2 million americans, protect middle america the middle income americans and also work on deficit reduction. >> the president solution would still leave red ink as far as the eye could see. and difficult for jobs. >> this is it difficult for the brink of perpetual gridlock. >> this is likely that we will go over the fiscal cliff and not and if we allow that to happen. wou
huddy in for alisyn camerota. we're less than 48 hours away from the fiscal cliff. will congress and the white house be able to reach a deal before americans see a 500 billion dollar tax increase? >> and george h.w. bush's health taking a turn for the better. there's good news regarding the former president's healths. >> clayton: well put. >> juliet: well said. >> clayton: a frightening moment when an airplane broke in half crashing on to a busy highway, caught on camera. watch this. >> juliet: oh, how about that car? >> that's not something you see every day. >> no. >> "fox & friends" begins right now. ♪ >> hey, everybody. >> juliet: hi, everybody. >> dave: good sunday morning, juliet huddy in for ali. how are you doing, my friend. >> clayton: dave usually gets the coffee. and no coffee around this place. >> dave: i apologize. >> clayton: dave overslept and dropped the ball. >> dave: it happened with my iphone. i woke up an hour too late to my wife shaking me. >> juliet: i don't know what it is about this morning. i'm like in lala land. >> clayton: there is no snow. >> juliet
. >>> in washington negotiations to avoid the fiscal cliff are still struggling for survival. congress has five days to strike a deal before the end of the year deadline. president obama is on his way to washington this morning while senators are coming back to capitol hill. chip reid is at the capitol. good morning. >> reporter: good morning. the president arrived back in washington in a little bit more than an hour. the senate comes back tonight and the house it could be a couple of days. there is not the sense of urgency you would think there would be with a critical deadline looming. some members of congress admit they may well just go over the fiscal cliff and deal with it in january after the new congress is sworn in. leaving his family behind to continue their vacation without him, president obama boarded air force one early this morning and headed for washington to deal with unfinished fiscal cliff business. with just five days until the combination of automatic tax increases and spending cuts that could send the economy back into recession, mr. obama wants congress to ta
, are you optimistic that congress can reach a post-christmas fiscal cliff deal? tweet me. find me on facebook. people really love snapshot from progressive, but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera shy. snapshot from progressive. test-drive snapshot before you switch. visit today. a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inflammation. plus, in clinical studies, celebrex is proven to improve daily physical function so movin
to pressure the congress to act to raise the debt ceiling. that is not directly implicated in the fiscal cliff talks, but it's part of the larger issue of debt and deficit that congress has to deal with. secondly, house run leaders conferred and sent a letter to democrats to say it is up to the senate to act. the house has already acted on a bill to avert the fiscal cliff. democrats have no intention of taking up that house bill, which would extend all of the tax cuts into 2013. the approximated says he's not going to do that. plus a senate democrat leader told me there is a possibility of extending tax cuts for those under $250 thoid, but turning off the automatic across the board budget cuts. that will be a temporary measure. and finally, president obama has returned from his vacation in hawaii to try to kick start those talks. but the white house officials tell me there are no signs of progress yet. they have to hope that when members come back to washington on the 27th, that is thursday wblg that both the president, democrats in the senate, republicans in the senate and then both parties i
. neither chamber in session. an eerie calm since the fiscal cliff only congress has the power to avert is less than one week away. from their home, senate democratic leaders is trying to figure out if the president's scaled back bill can pass congress at the 11th hour. >> there is absolutely no reason, none, not to protect these americans from a tax hike. at the very least, let's agree right now on what we already agree on. let's get that done. >> reporter: but to get that done, democrats first would likely need nearly ten senate republicans to cross party lines and vote to effectively increase taxes on the top 2% of americans. some conservatives be grudgingly now say they're willing to do that. >> if we get done to twn to thed that's the only choice, i would support that. but i wish we would have a comprehensive bill that dealt with spending you can entitlements and taxes and you would together. >> reporter: the senate returns to work thursday, but democratic sources say their best realistic chance of getting gop votes is when the pressure will really be on, at or close to december 31
concerns about the fiscal cliff. the president and congress return to d.c. retailers are doing a much better job of controlling inventory. muchstores don't have so merchandise left over that they need to clear out. netflix will introduce social features next year. a bill that would move restrictions on companies sharing customers rental histories. netflix customers can share which movies they watch an facebook. i'm a ellen braitman from bloomberg news. >> thank you so much. >> 37 degrees at the airport. keith mills will have sports coming up. >> don't forget to e-mail us your response to our water cooler question of the day. will you be more likely to visit a maryland casino now that some are open 24/7? you can share your response on, on our facebook page, or send us an e-mail to >> here is a look at last night's winning maryland lottery numbers. >> now insta-weather plus and traffic pulse 11 together. >> time to take a look at your morning commute. we are dealing with what roads -- wet roads. wind warnings are in effect at the bay bridge. 55 miles p
days and count, how close could congress cut it if we get close to a fiscal cliff deal at all? representative peter welch with insight when we're back in two. let's give thanks - for an idea. a grand idea called america. the idea that if you work hard, if you have a dream, if you work with your neighbors... you can do most anything. this led to other ideas like liberty and rock 'n' roll. to free markets, free enterprise, and free refills. it put a man on the moon and a phone in your pocket. our country's gone through a lot over the centuries and a half. but this idea isn't fragile. when times get tough, it rallies us as one. every day, more people believe in the american idea and when they do, the dream comes true. we're grateful to be a part of it. omnipotent of opportunity. you know how to mix business... with business. and from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could business pro. yes, you coul
cliff worries president and congress back in d.c. to talk about n'ozn budget today. toyota 1.1 billion dollar charge to settle a lawsuit has to do with more than 10 million vehicles recalled for unintended acceleration from claims the value of vehicles went down as a result. k)Ñ exchange#dww, with the bloomberg business report. >>> coming up, do you use those companies that give you a cash advance on your paycheck? you magb(:l be getting some of protected;gp >> good morning. 5:53. you see the embarcadero, bay bridge you don't see rain or traffic. we'll check in with sue and find out what is going on, on the highways. we'll find out where the rain is with mike. >>> u.s. department of commerce is due to release figures for new home sales, today's updates will hold stead if i not rise a bit they predict 375,000 in new sales. housing numbers slipped last month, new building permits ticked higher, commerce department is expected to release its new report at 7:00 this morning. >>> thousands of california residents could be getting a big check thanks to a payday loan settlement. as
is still hoping to work out a deal with congress to avoid the fiscal cliff before the new year. >>> the storm that hammered the midwest with up to a foot of snow is now menacing the northeast. it's bringing heavy snow from pennsylvania to new england. and powerful winds, down all along the coast. >>> looking at the rest of today's weather. rain from seattle to portland. light showers in the cascades, northern rockies and dakotas. rain in south texas. >>> and finally this morning, a celebration of the season. >> kwanzaa festivities are taking place throughout the country. and here's karen jordan in chicago. ♪ >> reporter: drums signal the start of kwanzaa, a week-long celebration of african heritage and culture among african-americans. this is the 18th year that malcolm x college is hosting a kwanzaa observance. and organizers say it gets larger every year. >> it's about families coming together so they can be with each other and share and talk about where we've come from, where we are now and where we must go as a people. >> reporter: kwanzaa is based on seven principles. and
as a deadlocked congress reconvenes days ahead of the so-called fiscal cliff. you're just six days from feeling this. now, first hit is coming on january 1st when your take home pay will drop by 2% because of a scheduled hike in the social security payroll tax. that's just the start. income taxes are set to climb too. and you'll notice that when employer gets to around the adjusted withholding, the government spending cuts, those are also scheduled for january 1st and bound to slow the economy and some argue they'll weaken the military. congress has seen this coming, but an effort to limit the damage failed last week. republican house speaker john boehner could not persuade enough members of his party to let tax rates rise on incomes over a million dollars while sparing everyone else. dana bash is our senior congressional correspondent. dana, this time tomorrow, the president is supposed to be back, having cut his trip to hawaii short, the first lady, the girls are staying in hawaii. the senate is supposed to convene, but not necessarily the house. what is going to happen? >> reporter: well, we
the upcoming fiscal cliff. >> we are taking it outside, this is the roof cam from downtown san francisco. we are still lit up over this and it's as the skyline. we are enjoying clear skies and the mergers are in the 40's. dry, sunny conditions into the afternoon. we will continue to see mostly clear skies as we head into tonight. it is kind of cold out there, out 40 in vallejo and fairfield. oakland and san francisco coming in at 47 degrees. we're expecting mainly low 50s today we'll talk about how much rain we are expecting coming up in my next report. >> we continue to look at light traffic at bay area bridges. we have just a bit of a delay in the left-hand cassoulet and likely associated with the shift change with toll takers. the east bay and south bay peninsula still have light traffic on the freeways. >> the time is 6:01 a.m. and one person is that after an officer involved shooting in walnut creek. will tran is live on the same. >> good morning i just finished talking to the walnut police department and there is no search for any additional suspects. one person was involved and office
of joe manchin as congress prepares to meet again today with the fiscal cliff looming. good morning. the deadline is here and the countdown is down two hours instead of days. the first time since 1970, congress is meeting between the christmas and new year's holiday. preparations are underway as lawmakers -- if lawmakers fail to act. we are 17 hours until the deadline. midnight is the deadline east coast time. here are the numbers. host: also, send us an e-mail and jonas on facebook, -- join us on facebook or you can send us a tweet. let's take a scan of the headlines and we begin with "the atlanta journal-constitution." a lot of talking but still no votes. the deadline has come and gone. one last day for a fiscal deal is the headline from "the boston globe." we are also keeping an eye on wall street. the markets are queasy. from the headlines "the wall street journal." host: a lot of activity on the house and senate chamber. we will be falling all of that on the c-span networks. we have the deputy white house editor from politico. tell us where we stand. guest: we stand in limbo,
. >>> the president and congress will try one more time to reach a deal before falling off the fiscal cliff. the president will cut his vacation short. >> happening now bargin hunters out looking for a day after christmas sale. we are live at the valley fair mall to tell us about those deals. >> reporter: hi. if you have something to return or you need to use a gift card it's a good time to come. there are plenty of spots where you can park and i just walked inside in to the mall and it's not crowded at all. at the valley fair mall the stores all opened at 7:00 a.m. people wanted to take advantage of the after christmas sale. traffic this morning was light. kohl's opened up even earlyer at 5:00 a.m. they were trying to lure people with early bird deals. it's one of many retailers offering deep discounts. ? one woman wasn't impressed when she shopped. >>> did you find anything? was --. >> actually one of the things i needed to exchange is now full price and i'm not, last year's deal was better. >> reporter: polls showed that sales of two months before were the weakest since 2008. they grew
. >> the american people have a right to be very upset with this congress. >> reporter: the fiscal cliff would bring massive tax increases and deep spending cuts. treasury department would have trouble paying its bills. many worry the financial woes would plunge the u.s. back into a recession. within possible effect of the fiscal cliff/fro, -- milk prices could spike two or three dollars a gallon because farm -- some are calling that dairy cliff. >>> 6:17. mike here tracking light rain.i. l >> i'd like to. >> here's mike with the weather. >>> thank you, hope you are having a great friday morning dry sky over san francisco from the east to sutro tower. light rain showing up off the sonoma county coast,oo8Ñ let's zoom down and show you highway 1 from to inverness looks like it is raining but not reaching the ground. sprinkles possible during the as air mass start to moisten under this flow from the west. best chance of light rain around noon and later this afternoon. until then, chilly, dress for temperatures in the 30s everywhere, except fremont, 41, oakland if you are san francisco 44, monterey bay
. lawmakers gear up to tackle the fiscal cliff on capitol hill. >> the fiscal cliff deadline is inching closer. the aviation industry is not worried. they say they will not face immediate destruction. the defense industry urging congress to shift its attention from the cuts than to fighting over taxes. if the cuts take effect, many jobs would be lost. starbucks taking a stand on the cliff. asking customers to write "come together" on cups. toyota will take a $1.1 billion charge to settle a lawsuit that has to do with more than 10 million vehicles because of unintended acceleration. good news for the housing market. homes i use will rise as much as 2.5% nationwide. they expect 2013 to be a seller's market. the best places to buy include cleveland and philadelphia. i'm ellen braitman with the bloomberg business report. >> 5:22. support pours into newtown, connecticut. a memorial that includes every gift and a letter. don't forget to e-mail us your response to our water cooler question of the day. will you be more likely to visit a maryland casino now that some are open 24/7? you can share your r
to resolve the looming fiscal cliff crisis. president obama is ending his out vacation in hawaii today to make a late bid to reach a deal before the year and. the white house that he should be back in washington tomorrow when house and senate members are expected to reconvene. new this morning a car bomb had outside the u.s. base in eastern afghanistan has killed three people and injured six civilians. afghanistan police say the blast killed a security guard and two truck drivers delivering supplies. the tal bang claims responsibility for the attack which happened after a minibus stop at a deep for a security check. the international security assistance for says the base has been secured. if sampras as the woman will be arraigned today on charges of vehicular manslaughter that killed one pedestrian and injured two others in the twin peaks area. the 56 year-old died last week after a car hit her at the twin peaks lookout point. police say the driver was intoxicated. the victim's son told us he doesn't want another family or to suffer through this bad as they feel all because someone dra
:06. president obama flew back to washington from hawaii overnight to work on the plan to avoid the "fiscal cliff." cbs reporter tara mergener says congress remains gridlocked and fewer americans expect any progress before the new year. >>> reporter: senators and staffers will be filling these empty hallways today trying to work out a deal to avoid the "fiscal cliff." higher taxes will give the average american about $1,500 less to spend next year. and economists believe the $110 billion spending cuts will result in more layoffs. senator harry reid has a plan to keep taxes low for everyone making less than $250,000 a year as well as short term spending cuts until a bigger dooley can be reached. >> it is going to be a patch because in four days we can't solve everything. >> reporter: while senators try to brave the bad weather that has hit many parts of the country, in order to make it back here to washington, house leaders say they will not leave home unless the senate passes its bill first. >> good morning? >> reporter: house republicans scuttled the proposal from speaker john boehner last week
about more discussion of the fiscal cliff negotiations as congress returns to washington. we will be joined by steve forbes. later, discussion on background checks, how they work, who gets them, and when they are required. our guest is matt bennett. "washington journal," live at 7:00 a.m. eastern on c-span. a cornell university law professor has written books on increasing stock prices. she spoke about what she described as the corporate world in the effort to maximize profits in the short term, but but greater the long-term value of any company. [applause] >> good evening, everyone, and welcome. professor lynn stout is a distinguished professor at the cornell university law school. our work focuses on the intersection of law, business, and morality -- her work focuses on the intersection of law, business, and morality. she has worked with many organizations around the world, including the clinton global initiative. in 2012, she was named tom on the economy -- top on the economy. her new book is the shareholder met please welcome professor lynn stout. [applause] >> tha
of congress are trying to find a way to avert the so-called "fiscal cliff." lawmakers will also be back in session on thursday without a deal by the end of the year automatic spending cuts and tax increases going into effect. >>> starbucks is trying to do what it can to urge a "fiscal cliff" compromise. the coffee chain is asking employees at its cafes in the d.c. area to write the words "come together" on cups for the next two days. starbucks plans to continue the effort on social media. >>> encouraging signs in the housing market. home prices rose in most major cities in october up more than 4% from a year earlier and october was the fifth straight month of year-over-year gains. taking a look at the big board now, you can see that stocks are down today in a light trading session. you can see the dow is down about 9 points. >>> a bay area family and the season of giving. how the kindness of strangers helped save a family's injured dog. ,,,,,,,,,,,,,, donors for saving their dog. c-b-s-5 reporter christin ay >>> a you can bay area couple is thanking -- a young bay area couple is thanki
with an agreement to avoid going over the fiscal cliff. president barack obama is on his way back to washington from his vacation -- he's expected to arrive in d.c. later this morning. congress is back in the nation's capitol trying to hammer out a deal. congressional officials say they don't know if any significant strides toward a compromise will take place. or going to happen before new year's and without an agreement automatic tax increases for everyone and deep spending cuts especially to defense. they go intoe penalty in 2013. the main dispute remains over taxes. who should be taxed? and when. >>> well, people may be mixed on the feelings for president obama. his wifes seems to have no problem charming the public. according to a new poll released yesterday the first lady has a 73% approval rating. secretary of state hillary clinton also pretty popular with 66% approving of her job performance. a little more than half of the people asked feel that both president obama and vice president joe biden are doing a good job. >>> just a few hours you will be able to gamble any time of the day that you
open after the fiscal cliff and i'll throw a second number, one week until the new congress begins, so they are hard up against some big deadlines. >> the market implication is important because markets have done very, very well this year, lisa, and there's some suggestion if congress doesn't get it together before the new year, markets may force them to do so. we'll be talking more about that later in the show. lisa, thanks so much. we'll check in with you later. >>> piling on the concerns, treasury secretary tim geithner has warned congress hat u.s. will reach its debt ceiling on monday. that is when the government reaches its legal borrowing limit. now, this could pose a bigger threat to the nation's credit rating than the fiscal cliff. treasury can keep the government operating for a few weeks using emergency measures, but congress needs to act on this too to avoid a full-blown debt crisis. alina cho. joins us with the ret of the top stories. >>> former president george h.w. bush remains in intensive care in a houston hospital with an elevated fever. he is on a liquid diet an his c
tossed the fiscal cliff problem to the senate today. saying once the senate has a plan congress can go forward. john fowler investigated some of the latest moves and joins us live with what could happen a week from today. john? >> reporter: do mog, we get deep spending cuts and across- the-board tax hikes. con shull staffers told me -- congressional staffers told me today, expect a bumpy ride of the halls of power empty, although negotiateders and the president are back at work. >> at the very least let's agree right now on what we already agree on. >> reporter: an olive branch to the gop and carrot to corporate giants, including the bay area's google and apple. the administration now suggesting cutting corporate tax rates. the u.s. has among the world's highest. but closing loop holes that helped google, for instance, avoid $2 billion in taxes last year. >> corporations are concerned because they're not sure the extent to which exemptions would be eliminated. >> reporter: wells capital management senior economist gary slosberg is optimistic about a deal. >> i see it at least 50-50.
know the president and congress is all focused on the fiscal cliff, will there be any negotiations before the december 31 deadline on the debt ceiling number or will they table that and let treasury deal with it until they have to? >> the white house would like there to be one global deal that includes the debt ceiling but republicans are hearing nothing of that. the president proposed let's get rid of actually having firm vote on raising the debt ceiling, let's reduce a simpler system because of it rattles the market too much but republicans are saying they want to hold the debt ceiling in reserve in the negotiations because if you can't get a deal on taxes or prove some legislation december 31 raising tax increases, they want to use the debt ceiling to force negotiations on spending cuts going forward, david. david: tim geithner is on his own until the first of the year. >> yes. david: appreciate it. shibani: a look at the s&p futures including going back to the cme group. mark. >> looks like we gave away another $1.50 after close. i cannot imagine a good reason to carry a long p
but that doesn't mean there's any hope of avoiding the fiscal cliff. congressional officials say no negotiations have been set and without an agreement, automatic tax increases for everyone and deep cuts will be triggered in the new year. the main dispute continues to be over raising taxes. >>> news time right now 5:47. starbucks will tackle the fiscal cliff one cup at a time. the ceo how old shut wants workers in the -- howard schultz wants workers in the d.c. area store to write come together on the coffee cups they serve today and tomorrow. he says it's the company's way of respectfully telling politicians they need to find common ground. >> if people would get in the room and lee their ego behind and not be so skewed towards the party but be so sensitive to the lens of the american people, we will have an agreement. >> now this is just a suggestion from the ceo of starbucks. and employees won't be forced to write anything but a customer's name on the cup. >>> news around the nation this morning, hawaii's governor announced lieutenant governor will fill the u.s. senate seat vacated by the dea
now not serving the people in the best fashion. we need the fiscal cliff resolved right away. this uncertainty causes great harm to the country, and we need very aggressive plans to reformulate our budget so that we don't have to have this uncertainty hanging over us so freakedly. you know, right now, american factories have a 20% price differential with competitors all through the the world. we need our system to be more competitive so we can grow. if we raise taxes on the job creators, on the factory owners, what happens is we'll be less competitive. the 20% will grow. we'll have less factories built here in america. it's very important that washington starts working out deals right away so that the fiscal cliff can be history, and we can focus on building factories, higher people, growing. dagen: well, they are not listening to you, drew. i hate to break it to you. in the interim, your company makes wire baskets and does sheet metal fabrication. based on what you see, how much of your own customers pulled back? have you seen layoffs? have you seen spending cuts ahead of th
and avoid that fiscal cliff. so what is starbuck's plan and what do customers think about it? nick hit the ground in washington to find out. >> greta, as the clock runs out on the looming fiscal cliff, one would think the last thing you want to add to the folks up on capitol hill is another cup of caffeine to their already anxiety-ridden nerves. but that hasn't stopped starbucks from brewing up a cup campaign to get our leaders to come together literally. at all of the starbucks stores here in washington like this one in the shadow of the capital, they are scribbling that phrase come together on every cup. a message directed solely at congress and president obama. >> i hope they take notice of it and it hits home with them that something needs to be happening. >> i don't know if it will work, but it's a great idea. >> at least do something, right? >> absolutely. get off their rear ends and do something. >> looks like they have written something on their cup there. >> it was hidden tore a second. yeah. it's there. >> do you think it's smart? >> i think it's good from the corporate world
, ironically it's the opposite. the whole point of the fiscal cliff is when the fiscal cliff is cleared and we jump over it, we are getting rid of all the accounting game mix, the temporary stings of things that allow congress to pretend it's being fiscally responsible when it's not. what's going to happen? a lot of taxes will go up but taxes will go up on everybody, not injure the guy around the tree that's paying for everything but everyone will have to pay. and then folks will realize the government we are voting for costs us money too. >> that's the thing. if we don't go over the cliff and they don't reach a compromise, what will happen? they can't afford to keep spending like this. won't spending have to go down by virtue after compromise not being reached? spending will go down a little bit because of the sequester and 9 defense spending, what you talked about on the show quite a bit. a big chunk comes from tax increases. little the end of the unemployment benefits of that been going on for a while, the payroll tax holiday and the alternative minimum tax which is going to grab more and m
this december 31, 11 hours before the midnight deadline for congress to reach an agreement on the fiscal cliff. >> president of the united states -- [applause] >> thank you. >> happy new year to you. >> low, everybody. thank you. everybody have a seat. good afternoon, everybody. welcome to the white house. i realize that the last thing you want to hear on new year's eve is another speech from me. but i do need to talk about the progress being made in congress today. for the last few days, leaders of both parties are working toward an agreement that will prevent a middle-class tax hike from hitting 98% of all americans starting tomorrow. preventing that tax hike has been my top priority. the last thing that folks like the folks appear on this stage can afford right now is to pay an extra $2,000 in taxes next year. middle-class families cannot afford it, businesses cannot afford it, our economy cannot afford it. today, it appears an agreement to prevent this new year's tax hike is within sight. but it is not done. there are still issues left to resolve but we are hopeful that congress can get it
the job done . here's what we are facing. we are teetering on the edge of the fiscal cliff. there are many members in congress who disaagree raising of tax. the president had gone up to $400,000 when house speaker boehner would raise the tax hikes . but the sticking point is enments and spending. >> clayton: the republicans saying that the president and democrats not forth coming enough on entitlements. here's what will unfold in a few short days as we break this down to you. >> put your seat belts on, people. >> clayton: tax rates will hit these numbers and you go up to 120,000 . you will see 31 percent up to 36 percent . in these tax rates as they climb up. >> here's the bottom line. average tax rate of 2,000 to $4000. it is an additional 13,944 . millionaire's status which the president wanted to raise status on will be 34635. big deep in your pockets if woo go off the fiscal cliff. >> it is so crazy . we have the holiday get together. living in new york city . it is so expensive and you are making $250,000. you are middle class here. >> clayton: if you have a family of four and taxes a
the fiscal cliff. it will be an interesting few days as congress starts to reconvene. and also as corporate america is taking up this fight as well. ceo howard schulze of starbucks urging workers at 120 washington area stores to start writing on their coffee cups, come together. >> are you serious? >> yes. yes. >> that should help. i think that's going to do it. >> problem solved. >> between that, and the pins. >> i never thought of that. >> can you imagine -- oh, good idea, howard schulze. but he says we deserve better. >> we probably do. >> he's right. >> a lot of them are still on vacation. house members have been told there's nothing scheduled for this week. but you could be called back with 48 hours' notice. so, in a perfect world, things could possibly come together. >> 48 hours' notice and we have five days to go. >> i'm not saying we're not cutting it awfully close, but that's where things stand as of right now. >> new new housing data out tod home prices rose 4.3% in the 12 months ending in october in a 20-city composite, beating analysts' forecasts. it did appear as 12 of the 20 c
because of the "fiscal cliff." if you are on extended unemployment, those checks could also disappear by next friday. with no deal in congress, the jobless benefits end. and for those depend on the on those extend and unemployment checks on a weekly basis, right now will be the time to ration food since it's still not certain that there are benefits coming next week. and for those trying to plan ahead for anyone about to pass, the inheritance cast could shoot up to 50% if we go over the cliff. and not to mention the stock market, we all know that investors do not like uncertainty. so really hitting us from all sides. >> it's like we have one foot over the cliff already. >>> did you give thought to the "fiscal cliff" when doing your christmas shopping? many americans did because cbs 5 reporter mike sugerman tells us retail numbers weren't good. >> reporter: i'm at union square which is mobbed. it's swinging. i spent the day here and it didn't get active until a couple of hours ago and as i look around, i don't see a lot of people with bags. i'm not sure they're shopping. but the retail
from going over the so-called fiscal cliff. they say if president obama and congress don't make a deal we will almost certainly see a recession. do you buy that, steven? >> the congressional budget office is a nonpartisan group that does this and says we will in fact have an immediate rescission. they say that we come out of a short, sharp recession stronger than we would be if we didn't go into that recession in the first place. we stop borrowing money from the future to prop us up now. we have the immediate problems but in the long term we are in gets shape. that's what they are grappling this. how do they best structure this to do the least amount of damage now but get us to the good economy in the future. >> reporter: if you look up a research paper from the president's own economist you'll find in the long run we are healthier, short run, yeah, it's painful. is that what motivates some of the republicans that, you know, what are called chuckle heads, but maybe in the end they are wisdom heads. >> that is certainly part of the motivation there. the other part of the motivation, and
home. >>> now, to the fiscal cliff, still looming large as president obama returns to the white house this morning. the president cut short his christmas vacation in hawaii to get back to washington. congress will also be in session today, amid fading hope that a deal could be reached by the new year. no agreement would mean deep spending cuts and historic tax hikes for virtually every american. >>> officials in newtown have a message for people who want to send gifts to the grief-stricken town. please don't. they say gifts, from school supplies to artwork, have arrived in such numbers, they overwhelmed the small community's ability to process them. a fund established after the shooting to support newtown has grown to $3.5 million. >>> meanwhile, hundreds of schoolteachers plan to attend firearms training today in salt lake city. the 200 teachers come from districts across utah. they have volunteered for the concealed weapons training. it's offered every year. organizers say in past years, only a few dozen teachers attended the training. they're expecting an overflow crowd because of
get meaningful spending cuts, preserve entitlements back into the dialogue of this fiscal cliff debacle? >> well, i don't think we have it to encourage fiscal responsibility so much as we have it because it's required for congress to authorize borrowing money to pay our debt and deficit obligations. it's, the way i look at it, it is a mere constitutional technicality and we should raise it. i would like to make one point about on the downgrade issue that he just talked about. if we go over the fiscal cliff, that would certainly be no reason for a downgrade because we would be cutting the deficit and the debt. lori: right. >> but if we kick the can down the road here and don't do anything with a short-term solution, then i think it would be reasonable for the debt, excuse me for --. lori: another downgrade. >> for us to be downgraded, excuse me. lori: let me send it back over to you. there is a line of thinking if we do suffer a second credit downgrade that it could actually have more of ramification than just one downgrade because you do have a handful of credit agencies, right?
in the looming fiscal cliff crisis. some good news is expected today an economic report due later today is likely to show continued improvement in the housing market. there are also some early readings on the strength of the holiday shopping season. marcus will open at 630 this morning. >> samsung is seeking a ban on the import and sale of some ericsson products in the u.s., escalating a dispute over patent fees. the company is seeking to ban ericsson products that allegedly violate seven patents. the complaints at the trade commission followed a dispute over mobile technology patents that erickson brought before a u.s. district court after the two sides failed to agree on licensing terms. in november, ericsson said the samsung is seeking to drastically reduce the it pays to license patents. >> here is the san francisco skyline and dapsang and should be coming up. we do have ran off and on. we will be right back. >> welcome back. member of a sierra nevada ski resort patrol team who was injured after being caught in an avalanche has died. alpine meadows say that yesterday at 53 year-old bill fost
cuts that will hit if we go over the fiscal cliff. we are talking about sequestration. burial blakely -- great to see you. >> i think the president has stated very clearly that the cuts will not happen. we have a need for the congress to join him back here and washington and get a deal done. dagen: are you worried that there is so much attention being paid to the automatic tax increases and not dealing with the sequestration that would hit your industry hard? >> you have it exactly right. the slashing cuts in federal programs will begin to affect everyone and affect us immediately. certainly, the defense industry is very worried. the readiness of our troops, the equipment they depend on, the technology that is the united states edged, that is what is really in peril here. we are all worried about that. we are worried about the layoffs that will come in the defense industry. dagen: have any of these cops already started to happen? what have you seen in the activities of these big companies? >> they have already had to start making plans. they cannot make investments. you cannot make in
's not just the fiscal cliff, we've been talking about dairy farmers and wind farmers facing their own cliff. the price of a gallon of milk could cost $8 next year if congress fails to renew certain agricultural programs come december 31st. that's when wind farmers will also see the federal wind production tax credit disappear, which could lead the industry at a standstill. in addition to the fiscal cliff, milk cliff, and wind farm cliff, what other cliff are you worried about these days? tweet us. we have a new handle @squawkstreet and junior responses throughout the morning. >> some people on twitter have criticized how we just called it the container cliff. saying not everything is a cliff. >> but everything is a cliff. there is a deadline. >> containers will come in tor they won't. it's binary. >> we were chatting during the break, we're not allowed to own stocks, individual names, but if there was a name you wish you'd bought in the face of bad news last year? >> jpmorgan. it seemed that everyone wanted to sell off the stock, and this would be a huge impact on jpm. it had some perceptio
? >> happy friday. >> there we go, happy friday. listen, this fiscal cliff deal, everyone is so sick of hearing the phrase. i it talked to several this week, members of congress and members of the senate who indicate we're going over the cliff. they say it won't be that bad. don't worry about it. there's something in me that wonders about the psychological impact of just going right over. >> mike, you're right. they are saying that, and there's a real risk especially in the white house. they know that the reaction of the markets, especially overseas, the credit raters is unpredictable. you don't want to start your second term with a double-dip recession. that's the real risk here. for republicans more and more you hear them saying and i think this is what you're refer to here. you hear them saying, let's just wait until people get their first paycheck. wait until they get that pay economic when there's less withheld and there's not a payroll tax holiday but then they want tax relief. it's a huge risk. another political game at play here. sherman has a great story on the sight right t
-- this is a long -- well congress -- >> there you go. >> the clock continues to tick down towards the fiscal cliff. ben white chief economic correspondent at politico is here with the latest on this negotiation impasse, and of course, ben white, morning money. >> you can definitely talk about morning money. >> what's it called? >> morning money. >> say it again. >> morning money. >> morning money. >> sign it for it at >> politico? >> you've heard of that. >> but it's on morning money. >> what do you think the chances are? five days, four days? >> yeah, i mean, let's say, until new year's about five. i give it like a 70% chance we go over, 30% chance we don't. i think a lot of it depends on mitch mcconnell, the senate minority leader, if he decides to allow a bill to move forward on the floor. >> is there anything going on behind the scenes that we don't know about? >> there is. the president's playing golf in hawaii. there's nothing going on behind the scenes. >> there's not some -- >> meetings going on in the white house, there's not staff -- >> lining up a putt? >> no, which is dif
on the solution to the fiscal cliff. employees in the washington area starbucks will write the message on customers' cups, urging leadership from congress. aol is also joining the effort by sharing the come together message across its network of hyperlocal websites called patch. you know, this is really a terrific thing. it's a lot of extra work for the employees in all the starbucks, but it's a terrific thing just to remind people -- not that they need reminding -- that we are represented by incompetence in washington. >> it's true. it's very howard schultz, the ceo, who has used his platform of one of the largest companies in the world to push a message or do what's good for the greater good. a couple years ago during the jobs crisis, if you remember, he did a program where you could donate $5, get a bracelet, and it would go towards a fund to lend to businesses to get jobs going. also gives all of his employees health care benefits and has risk investors for doing that. this is very -- this was very, you know, in line with what starbucks stands for. >> it's also consistent with the
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